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National Mortgage Professional
Feb 07, 2005

Donate to the Professional Protection FundArmand Cosenza, CRMSNAMB, Professional Protection Fund, HUD, PAC, RESPA, Congress, Washington D.C. We Are in the Fight of Our Lives The comment period for the U. S. Department of Housing and Urban Development's Proposed Rule to the Real Estate Settlement Procedures Act is now complete. If implemented as initially drafted, the Proposed Rule would create an uneven playing field for brokers and force many of them out of business, while allowing trial attorneys to prosper! Over the last 90 days, the National Association of Mortgage Brokers has been busy, mobilizing its membership across the country, briefing Congress on the impact of the Proposed Rule on small businesses and meeting with HUD on several occasions to emphasize our opposition to this most onerous proposal. Now, the labor continues-we must continue to work with HUD, Congress and other industry trade groups to ensure the fair and equal treatment of all industry participants. It is NAMB's belief that every originator should be required to follow the same disclosure rules, or confusion will continue to reign. Introducing the Professional Protection Fund NAMB has worked diligently both in Washington, D.C. and nationwide to promote the interests of all Mortgage Brokers. However, without your financial support, we cannot complete the important tasks at hand. The high level of government involvement in the mortgage industry this year has strained NAMB's financial resources tremendously. Though I realize the impression that it is always about money, unfortunately, in this case, it is! NAMB has created the Professional Protection Fund to raise the money required to maintain the fight for Mortgage Brokers. In the short term, these funds will be used for activities related to RESPA reform, including continued work with regulators, informing members of Congress about the industry's position and answering legitimate questions raised by mortgage professionals. In the long term, Professional Protection Fund donations will be used for activities such as promoting NAMB's Model State Statute, in addition to combating onerous, abusive lending initiatives. Donations to the Professional Protection Fund will not be counted as NAMB Political Action Committee contributions and will not be used to support political candidates. NAMB's membership is strong and expanding, with 46 state affiliates and more than 13,000 members. However, membership dues alone are not enough to fund our legislative and regulatory efforts. For most associations in the country, membership dues are the highest source of revenue. For NAMB, however, this revenue covers only 25 percent of the annual budget! NAMB works hard for its membership-and on many fronts. Our collective, sustained success depends upon your generosity in donating now. Will You Make A Contribution Now? As NAMB President, I am asking you for a financial donation to the Professional Protection Fund. Whether small or large, your donation is earmarked for the specific purpose of protecting your professional interests. When NAMB has faced financial challenges in the past, you have responded with generosity and enthusiasm. This is a tribute to your level of involvement in the association and your determination to ensure the viability of your profession. The needs of your association are immediate. Please see the Professional Protection Fund form on NAMB's Web site to make a contribution. NAMB must know where it stands financially by Jan. 1 in order to formulate a plan of action for the coming months and beyond. Together, we will prevail!
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